Fidelity International invests $14M in Asian crypto exchange operator
February 21, 2020, 9:10AM EST
1 min read
Global asset manager Fidelity International has invested $14 million in Hong Kong-based BC Group, the operator of crypto exchange OSL.
Fidelity International has bought 17 million shares of BC Group at a price of HK$6.50 (US$0.83) per share, according to public disclosures shared with The Block on Friday. The transaction results in a 5.6% stake in the BC Group.
"The placement is further evidence that major institutional investors are entering the digital asset space. It reinforces what we believe at BC Group and OSL; mainstream adoption is inevitable and leading financial firms are making investments in companies that are committed to institutional quality infrastructure, compliance and regulatory standards,” Steve Zhang, CFO of BC Group, told The Block.
OSL is an institutional-focused crypto exchange, as well as provides brokerage, custody and software-as-a-service platform for digital assets. It recently also applied for a license under the Hong Kong Securities and Futures Commission’s digital asset framework.
"We’re excited to see that world-class equity investors are increasingly participating in the fast-growing digital asset sector, and we look forward to reaching new milestones with our industry-leading institutional investors,” Hugh Madden, CEO of BC Group, told The Block.
The Block has reached out to Fidelity International for comments and will update this story if we hear back.